A new report published by Northern Kentucky University’s Center for Economic Analysis and Development found that Covington Business Council member organizations have a direct economic impact of approximately $17 billion on the Northern Kentucky economy.
The direct economic impact of Covington Business Council member businesses at $17.75 billion for the Northern Kentucky economy, equating to 50,668 jobs and $1.19 billion in direct taxes, according to the study.
Additionally, the study found that the total economic impact of CBC members was $29.95 billion, with 96,808 jobs and $1.89 billion in total taxes.
The CBC is made up of more than 530 member organizations. The total impact number includes direct contributions from CBC members and other indirect and induced effects.
Indirect impact comes from the ripple effect of CBC members’ spending on other local businesses, while induced impact results from employees spending their wages in the local economy, according to a CBC press release.
“The economic contributions of CBC member businesses are a testament to
their critical role in sustaining and growing the Northern Kentucky economy,” said Janet Harrah, senior director of the Center for Economic Analysis and Development at NKU. “The data highlights not only their direct impact but also the broader ripple effects across the region, underscoring the interconnections of our local industries.”
According to the report, the five largest total impact industries in Northern Kentucky are:
- Energy Distribution: $12,87 billion, 14,809 jobs and taxes $977 million in taxes;
- Telecommunications: $5.66 billion, 17,669 jobs and taxes $611 million in taxes;
- Hospitals: $3.5 billion, 19,099 jobs taxes $74.7 million in taxes;
- Banking, Finance and Insurance: $2.8 billion, 15,632 jobs and $46.5 million in taxes;
- Waste and Recycling: $1.86 billion, 8,423 jobs and $43.1 million in taxes.
“I understood the importance of growing the membership of the Council as we have done, tripling the membership since 2010 to more than 530 member companies,
and how that impacts engagement in the local economy,” CBC Executive Director Pat Frew said. “But this study illustrates that without the hard work and growth of these industry players, organizations like the CBC would not exist.”